Senior Citizen Savings Scheme

Through this web page capable applicants will able to check complete
details about SCSS Yojana and Senior Citizen Savings Scheme.

In our society
senior citizens are given the self-importance of place. These individuals have
spent a lifetime working, making life for the ease of the generations that are
to follow them.

Dear candidates our society hasn’t forgotten these contributions-
honoring its elders with many facilities and concern that are tasked to create the
lives of our older generation superior. When it comes to saving schemes for
senior citizens in India nation, the government has an ample collection of very
good programs in store.

Designated for individual whose age is more than 60 years, the Saving
Schemes for a senior citizen in India are valuable and long term saving options
and offer unmatched security and characteristics that are generally connected
with any government sponsored savings program. These schemes are announced
through certified banks and network post offices spread across India.

Senior Citizen
Savings Scheme Overview

Dear candidates typical senior citizen saving scheme (SCSS) account
extends upto five years and upon maturity may be subsequently extended for an
additional three years. Depositor is permitted to make 1 deposit into this
account, an amount which is a multiple of Rs.1, 000 and not extend beyond rupees
fifteen lakhs. Senior citizen saving scheme accounts is strong, safe, highly
targeted and a long term savings prospect.

Latest Interest Rates for Senior Citizen Saving Schemes

Investment Option

Rate of Interest for Quarter 1 : Apr'17 to Jun'17

Senior Citizen Savings Scheme (SCSS)

8.40%

Benefits of Senior Citizen Saving Schemes

Easily
Available

Fill
Simple application form at your local bank or post office and you are set.

Reliability

This
is a Government of India sponsored investment product and comes with all the
security and assurance associated with that tag.

Multiple
Accounts

A
single applicant can open multiple SCSS accounts, moreover individually or
with a joint investor (must be the spouse of the primary investor).

High
Returns

At
8.6% per annum, the returns on your SCSS accounts are very impressive.

Flexible
Tenure

The
account has tenure of 5 years but can be extended to add another 3 years.
Thus, your senior citizen saving scheme serves as either a medium range
investment or a long term plan.

Save
Tax

As
per the order of Section 80C, Income Tax Act, 1961, the TDS can be saved.

Choose
Your Investment

Only
one investment is permitted per SCSS account. This amount must be a multiple
of Rs.1000 and not exceed Rs.15 lakhs. Thus, the SCSS investment is vastly
affordable and scalable.

Premature
Termination

In
extreme financial duress, your SCSS account can be closed and the money
accessed. However, after 1 year, a penalty of 1.5% of the funds in the SCSS
account will be deducted while the same is 1% after the completion of 2
years.

Age 55 years or above, but less than 60 years, provided
he/she has retired from his/her employment as per VRS/superannuation and must
open said SCSS account within one month of the receipt of retirement benefits.

Invested amount must not exceed the amount of the
retirement benefits.

In case of a joint account, the eligibility is decided
per the aforementioned age requirements of the primary depositor.

No age restrictions/requirements imposed on the second
applicant.

Senior
Citizen Saving Schemes Interest Rates

A lucrative, savings oriented investment option, the
senior citizen saving schemes interest rate is set at 8.6% per annum.
Instead of parking their savings in the low yield savings bank accounts or
risky propositions like mutual funds, the senior citizen saving schemes offer
the Indian senior population the option to invest in a safe, high yielding and
popular savings portfolio.

Senior
Citizen Saving Scheme Rules

A prepared approach is imperative for success and peace
of mind. When looking to enrol with the senior citizen saving scheme, ensure
that you are well aware of the following conditions-

must be 60 years or above to enrol.

Only one deposit is permitted per SCSS account.

Deposit should be in multiples of Rs.1,000 with a
maximum permissible investment of Rs.15 lakhs.

Interest on the money accumulated in the SCSS account
is payable on 31st March/30th September/31st December in the first instance.

Maximum tenure is 5 years. Tenure can be extended for a
further 3 years

Account can be easily and quickly transferred from one
bank/post office onto another.

SCSS provides nomination facility that can be availed
at the time of opening the account or after said account has been in operation
for a set duration of time.

Senior Citizen Saving Schemes Calculator

Interest rate on SCSS deposit= 8.6% per annum

Interest rate per quarter= 8.6%/4 quarters
= 2.175%

Interest accumulated for every Rs.100 = Rs .2.175

Interest accumulated for every Rs.1 =
(2.175/100)= 0.02175

Senior Citizen Saving Schemes Offered by Different Banks

As of 2004, 24 public sector and one private sector
bank are authorized to offer the SCSS option. The following is the
comprehensive list of said banks:

Public Sector Banks

Allahabad Bank

Andhra bank

State Bank of India

State Bank of Mysore

State Bank of Bikaner and Jaipur

State Bank of Patiala

State Bank of Travancore

State Bank of Hyderabad

Bank of Maharashtra

Bank of Baroda

Bank of India

Corporation Bank

Canara Bank

Central Bank of India

Dena Bank

Syndicate Bank

UCO Bank

Union Bank of India

Vijaya Bank

IDBI Bank

Indian Bank

Indian Overseas Bank

Punjab National Bank

United Bank of India

Private Sector Bank

ICICI Bank Ltd.

Senior Citizen Saving Scheme

As of One October Two Thousands Sixteen, the interest rates for senior
citizen saving scheme has been revised to 8.5%. payable from the date of
deposit of 31st March/30th Sept/31st December in the first instance thereafter,
interest shall be payable on 31st March, 30th June, 30th Sept and 31st
December.

Interest rate on SCSS deposit=8.5% per annum

Interest rate per quarter= 8.5%/4 = 2.125

Interest accumulated for every Rs.100=Rs.2.125

Interest accumulated for every Rs.1 = (2.125/100)= 0.02125

A depositor for the senior citizen saving scheme is
allowed only one deposit of multiples of Rs.1000 not exceeding Rs.15 lakh

An account be opened by cash if it below Rs.1 lakh,
anything above Rs.1 lakh - the account can be opened only by cheque

A premature closure of the savings account is permitted
only after a year, whereby the account holder will be charged 1.5% of the
savings and 1% after two years.